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  1. #6
    Join Date
    Jan 2015
    Posts
    1,142

    Default Re: IRA Withdrawal Disqualify from Unemployment Insurance: New York State

    For heaven's sake, do not let us or any information you get off a website be the final answer. You need to specifically ask the unemployment office in your state about YOUR situation specifically. The word pension raises red flags for someone your age. If it is an employer contribution retirement pension, and you receive it monthly, it is much more likely to affect your unemployment than an IRA or severance or anything else because for unemployment purposes, this is considered covered wages from the employer that they are still paying to you

    The system would need to look at it, contact the employer, decide what it is to be considered, whether it will count and make their decision on this before you can continue to draw an unemployment claim. We can't say yes it will count, and affect your claim, or no it won't because we don't have enough of the specifics about this pension.

    Each week when you are filing and make the certification for the week, there is a "pension" question. If you do anything with this money, you must answer this question yes and let the system get a decision on whether or not you will be eligible to receive benefits with the issues concerning this pension, taking out this money, whatever. If you take out or do anything with a pension it might turn out to be fraud if you fail to inform the system that you have taken it or begun receiving it. Let them decide whether they're going to consider it earned income. They can say for sure and legally. Write down when you discussed this and get the name of the person you talked with. Keep up with it for later.

    Quote from the NY claimant handbook: "It is your responsibility to notify the Telephone Claims Center if you become eligible for a pension while receiving benefits. Failure to do so could result in an Overpayment Determination."

    Whether you tell them or not, they will find out you have received/drawn out/done something with this money. If you have rolled it over into an IRA, it will make a difference, may not have an effect, but because you are of an age to begin receiving it as a monthly pension, it is much better for you to do anything with the money only after you have discussed it and cleared it with the system.

    But my suggestion on this issue is this. Unemployment insurance lasts no more than 26 weeks. That's six months. Why not wait six months before you begin fooling with that other pension? Why take a chance? You are risking your unemployment benefits in the short run for slightly more money right now, when unemployment will end no matter what your circumstances after 26 weeks and you may certainly need the pension money more then. If you find another job quickly it won't be necessary and when you are back to work you can do whatever you need to with it.

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